I am a physician with a practice set up as a corporation. After the 1997 tax bite (ouch), I want to proceed with setting up a retirement plan for myself and my employees. Been meaning to do it for a while. Nothing like a kick from uncle Sam to get you going!! I am paid as an employee of the corporation. I would like to defer the maximum amount of my compensation that I can. I believe that I will have to set up a 401k and/or profit sharing plan.

Now the question(s). Most of the entities that want to "help" us out with this,have an agenda of their own, and are certainly not "foolish". Most push high load Mutual funds as the investment vehicles of choice. Can I use a discount brokerage firm after I have my accountant draw up the plan document? The accountant would also administer the plan.

Would this fulfill my fiduciary responsibilities? Can the employees invest as they see fit, or do I have to limit their options?

I want to defer taxes on the maximum amount of my compensation, but I do not want to limit myself to mutual funds. Did any of this make any sense?

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